The little-known US-based organisation made a failed bid for Sheffield Wednesday last season ... when again the failed to back up their offer with hard cash.
The group said it hoped to use New York-based strategic holding company Omincom to "rebrand Newcastle United FC" ... which in itself had supporters wondering what the hell they had planned.
There were also claims that the group would appoint Alan Shearer as manager and talks took place with another prospective owner in Barry Moat over a joint bid.
Yet having assessed the financial implications of running Newcastle, the Star Foundation failed to come up with a package which persuaded Ashley to sell up.
A source close to the deal told the Chronicle: “It’s all but over for this particular group unless there is a dramatic turnaround.
“Mike feels they have had more than enough time to come to an agreement.
“We’re almost in November now and they still haven’t been able to push it over the line.
“It’s not like they haven’t had help from the club and Seymour Pierce throughout the talks, there has been plenty of support for them.
“It just hasn’t happened.”